"Pyshnyi on call": former MP claims NBU has lost its independence due to politically biased leadership

Former MP Boryslav Bereza stated that the Governor of the National Bank of Ukraine, Andriy Pyshnyi, is involved in informal agreements regarding the financing of defense contracts, which calls into question the regulator's independence. He wrote about this in his post.

According to Bereza, in conversations that may have been recorded by the NABU (National Anti-Corruption Bureau of Ukraine), there is a direct appeal to Defense Minister Rustem Umerov with a demand to secure bank financing outside of standard procedures.

"The 'Pyshnyi on call' topic just blows my mind. Do you understand what the NABU recorded? The country's main bank, the National Bank of Ukraine, which according to all laws and memorandums with the IMF should be an absolutely independent institution, has turned into a teller window for 'friends.' When funds are lacking, they don't go to a bank following the procedure. A command is given: 'Call the bank, take it.' And then the key part: 'Did you call Pyshnyi?'" Bereza quotes the content of the conversation. According to him, the response sounds like an excuse: "He is out of the country," after which an alternative is proposed—to contact the state-owned Sense Bank.

The former MP concludes that the NBU Governor acts not as an independent regulator, but as a tool for operational financing. "In fact, we are talking about a situation where Pyshnyi is 'summoned' to close cash gaps in the necessary projects," he notes.

Bereza also directly links Pyshnyi's appointment to the political influence of the Head of the Office of the President, Andriy Yermak. "He was appointed not for macro-financial stability or fighting inflation, but for moments like these—to ensure the necessary decisions are made upon a phone call," he claims.

Separately, he emphasizes that, in his assessment, state-owned banks can serve as an alternative financing channel. "If Pyshnyi is unavailable, there is the state-owned Sense Bank, where, according to him, loyal managers work," the post reads.

Bereza's statements should be considered in the context of the current currency restriction regime in Ukraine. Since February 2022, the National Bank has introduced tightened currency controls: foreign currency purchase operations by legal entities are restricted, cross-border payments require additional approvals, and large-scale operations are subject to financial monitoring procedures. Under such conditions, urgent purchases of imported goods—specifically the need to "buy engines today" mentioned in materials previously released by journalist Mykhailo Tkach—standardly require passing through several control procedures.

Earlier, as part of the investigation into the "Midas" case, the NABU released photos of bundles of cash dollars, which, according to the investigation, were issued through Sense Bank. The question of how such operations bypassed standard currency control procedures remained unanswered at the time these materials were published.

In light of Bereza's claims that NBU Governor Andriy Pyshnyi allegedly responded to "calls" from figures involved in the scheme, and that Sense Bank served as an alternative financing channel, the question arises as to whether the described practices could have been systemic and whether the unhindered passage of dubious operations was ensured precisely through coordination at the regulatory level.

Bereza believes that such allegations undermine trust in the NBU's independence, which is a key condition for cooperation with international partners, including the International Monetary Fund and the World Bank.

"This is no longer just corruption. This is the destruction of institutions during wartime," the former MP summarized.